A novel ultrasonic measurement technique for density measurements of different liquids in extreme conditions has been developed. The proposed density measurement method is based on transformation of the acoustic impedance of the measured liquid. The higher accuracy of measurements is achieved by means of the λ/4 acoustic matching layer between the load and the ultrasonic waveguide transducer. Introduction of the matching layer enhances sensitivity of the measurement system. Sometimes, the density measurements must be performed in very complex conditions: high temperature (up to 200 °C), pressure (up to 10 MPa), and high chemical activity of the medium under measurement. In this case, the special geometry metal waveguides are proposed to use in order to protect the piezoelectric transducer surface from influence of a high temperature. The experimental set-up of technique was calibrated using the reference liquids with different densities: ethyl ether, ethyl alcohol, distilled water, and different concentration (20%, 40%, and 60%) sugar-water solutions. The uncertainty of measurements is less than 1%. The proposed measurement method was verified in real conditions by monitoring the density of a melted polypropylene during manufacturing process.